Houston has 19 million sf of office space under construction, 54% more than a year ago, and its highest level since the booming 1980s, according to local news reports.
Nearly 40% of this new office space is corporately owned, according to the Houston Business Journal, which points specifically to a 3-million-sf campus being built by Exxon Mobil, a 1.1-million-sf campus in Westchase suburb by Phillips 66, and a 515,000-sf building that Southwestern energy is erecting.
New building begets higher land prices. CBRE research estimates that land values throughout the Houston metroplex are increasing strongly. For example, land prices in the Uptown/Galleria area range from $125 to $315 per square foot in the second quarter, according to the Houston Chronicle.
Construction workers are also benefiting from all of this activity. The Associated General Contractors of America says that Houston added more construction jobs that any major metro in the U.S. from August 2013 to August 2014. Houston’s employment in all business sectors has jumped by 10% since 2008, or twice the percentage in San Francisco, according to The Daily Beast.
The Business Journal reports that 10.8 million sf of office space are on schedule to be delivered by year’s end, a sizable jump over the 3.2 million sf delivered in 2013.
Related Stories
Architects | May 9, 2017
Movers + Shapers: The social connector
Studio Gang gains fans with buildings that unite people and embrace the outside world.
Architects | May 5, 2017
An acquisition extends Eppstein Uhen Architects’ national footprint
Has architects in 35 states after acquiring Burkettdesign in Denver.
Great Solutions | May 5, 2017
No nails necessary: Framing system comes together with steel zip ties and screws
Clemson University’s School of Architecture develops a patent-pending construction method that is gaining attention for its potential use in rapid, low-tech sustainable housing.
Multifamily Housing | May 3, 2017
Silicon Valley’s high-tech oasis
An award-winning rental complex takes its design cues from its historic location in Silicon Valley.
Architects | May 3, 2017
Avoiding trouble in paradise: Tips on building successfully in the Caribbean
The island setting itself is at the root of several of these disruptive assumptions.
Multifamily Housing | May 2, 2017
Multifamily housing: 7 exciting, inspiring innovations [AIA Course]
This AIA CES course features seven novel approaches developers and Building Teams are taking to respond to competitive pressures and build more quickly and with more attractive offerings.
Healthcare Facilities | May 1, 2017
Designing patient rooms for the entire family can improve patient satisfaction and outcomes
Hospital rooms are often not designed to accommodate extended stays for anyone other than the patient, which can have negative effects on patient outcome.
Architects | Apr 27, 2017
Number of U.S. architects holds steady, while professional mobility increases
New data from NCARB reveals that while the number of architects remains consistent, practitioners are looking to get licensed in multiple states.
Multifamily Housing | Apr 26, 2017
Multifamily amenity trends: The latest in package delivery centers
Package delivery centers provide order and security for the mountains of parcels piling up at apartment and condominium communities.